Britain gets its own cryptocurrency – Electroneum

With all the news of Bitcoin's incredible rise, it's no surprise that everyone wants in on the cryptocurrency buzz.

Following on from the most successful Worldwide ICO (Initial Coin Offering) by crowd funding participation of over 120,000 investors, the British-developed Electroneum is set to launch on Wednesday at midday.

The cryptocurrency raised over $40 million (£30 million) over a six week fundraising campaign and it promises to be the most user-friendly, complete with wallet management and coin mining streamlined through a mobile app.

Electroneum has been founded with the aim of becoming the new, easy and secure way of buying mobile games, betting on live sports and sending money to friends.

The past two years have been ground-breaking for the cryptocurrency market, with Bitcoin proving to be incredibly valuable, breaking records daily. However, its market share has started to shrink as new alternatives have come to light. Aside from the growth of Bitcoin, one thing that hasn’t changed is how difficult these currencies are to get hold of, trade in and spend.

Richard Ells, CEO and Founder of Electroneum said: “The past couple of years has seen a significant shift within the cryptocurrency market, with Bitcoin increasing its value at an exponential rate in 2017 alone. However, Bitcoin can be difficult to get hold of, trade in and spend. Therefore, I realised that the world needed a cryptocurrency that is easy to access and can be used by everyone. That’s where the idea for Electroneum was born.”

Electroneum has increased its appeal to the average consumer by capping the total number of coins at 21 billion, compared to Bitcoin which is capped at 21 million. Cryptocurrency is well known for being a volatile but lucrative market for investment, and Electroneum represents such a technological change that it’s already attracted a lot of attention from the ICO.

Richard continues: “Cryptocurrency presents an intriguing investment opportunity due to the lucrative prospect of the market. In the first half of 2016, the average return on investment of 100 new coins launched was 357 per cent. To ensure Electroneum follows this trend, the cryptocurrency is developed and managed by a tight-knit, single-minded group of British developers who have put accessible and easy to use at the forefront of this cryptocurrency.”

So is this a great investment opportunity, or another inflation that will see the cryptocurrency bubble burst? Only time will tell.